Par Pharma agrees to $50-share bid by TPG
NEW YORK (MarketWatch) -- Par Pharmaceutical Cos., the Woodcliff Lake, N.J., drugmaker, definitively agreed to be acquired by the investment firm TPG for $50 cash a share, or $1.9 billion. Par shares closed Friday at $36.58, so the deal premium is 37%. In a Monday statement, Par said the board backed the terms of the deal. Par said it can and will solicit better proposals through Aug. 24. J.P. Morgan Securities advised Par on the deal. TPG has arranged financing. Closing is subject to conditions including antitrust clearance and a vote of Par holders, Par said.